Key keywords: global markets rebound, Middle East ceasefire, crude oil price rise, stock market rally, geopolitical risk easing, energy market volatility, US stock futures, safe-haven assets Global financial markets rallied across the board on Thursday after conflicting sides in the months-long Middle East military conflict announced a temporary 72-hour ceasefire agreement to allow humanitarian aid access and civilian evacuation, triggering a broad relief rally across equities, bonds and risk assets while crude oil prices posted a modest upside surprise amid lingering supply uncertainty. European benchmark indexes including the STOXX 600 climbed 1.8% in early trading, led by gains in travel, consumer discretionary and industrial sectors that have been under pressure from geopolitical risk premiums over the past month. US stock futures pointed to a 1.2% gain at the opening bell, with tech heavyweights and small-cap stocks leading pre-market gains as investors pulled back from safe-haven positions in gold and US Treasury bonds. The yield on 10-year US Treasuries rose 8 basis points to 4.26% as demand for safe-haven debt cooled, while gold prices fell 1.2% to $2,320 per ounce, erasing nearly half of the gains accumulated since the conflict escalated in late March. Contrary to broad expectations of a sharp drop in energy prices following the ceasefire announcement, international benchmark Brent crude edged 0.6% higher to $87.4 per barrel, while US West Texas Intermediate (WTI) crude rose 0.7% to $83.1 per barrel. Market analysts attributed the counterintuitive price move to two key factors: first, the temporary nature of the ceasefire, with no long-term peace framework in place, leaving markets concerned that hostilities could resume as soon as the 72-hour window ends, threatening key oil shipping routes in the Red Sea and Gulf of Aden that have faced repeated disruptions since the conflict began. Second, newly released inventory data from the US Energy Information Administration showed that domestic crude stockpiles fell by 6.4 million barrels last week, far exceeding the expected 1.8 million barrel draw, signaling stronger-than-expected consumer demand ahead of the summer driving season in the Northern Hemisphere. Market strategists warned that the current market rebound remains fragile, as any breakdown in ceasefire negotiations could trigger a renewed spike in risk aversion. "We are seeing a classic relief rally, but investors are not pricing out geopolitical risk entirely," said Maria Gonzalez, chief global strategist at a leading investment bank. "The ceiling for equity gains in the near term will be largely determined by whether this temporary ceasefire can be extended into a longer-term de-escalation agreement." Currency markets also reflected the shifting risk sentiment, with the US dollar falling 0.4% against a basket of major currencies, while risk-sensitive currencies including the euro, British pound and Australian dollar all posted solid gains against the greenback. Emerging market equities also climbed 2.1% on average, as lower geopolitical risk attracted capital flows back into higher-yielding developing market assets.